Har govt to partner with Railways to strengthen state network

With a view to strengthen the rail network in the state, the Haryana government has decided to enter into a partnership with Indian Railways by forming Special Purpose Vehicle for raising of funds.
Both the parties will form, establish and get registered a company with limited liability, a Haryana government release said here today.
The name of the proposed Joint Venture Company will be 'Rail Infrastructure Development Company (Haryana) Limited' to be called as 'H-RIDE' or such other name as may be made available by the concerned Registrar of Companies and as agreed upon by the consent of parties, it said.

"The main objectives of the H-RIDE will be to expedite project development and implementation by resorting to resource mobilisation, securing traffic guarantees and involvement of strategic partners in project funding and implementation.
"It will also initiate mobilisation of revenues from the State Government by other non rail operation sources and coordinate with organisations or local bodies in charge of urban development and for the purposeful resolution of various ancillary matters connected with the project development," the release further stated.
A MoU in this regard will soon be signed between both the state holders, it said.
As per the proposed MOU, the Ministry of Railways will complete the construction of projects in a time bound manner and to the timetable mutually fixed by both the parties.

Also, it will supplement the resources raised by H-RIDE, to a maximum extent of 25 per cent of the balance project cost, subject to allocation made in railway budget.